Business Reports in TallyPrime: Why Are They Important?

When it comes to financial planning, Business Reports play a vital role. They help provide a 360° view of an organisation’s financial health, thereby enabling the stakeholders to make better decisions that lead to improvements and growth. With TallyPrime, you can generate 400+ business reports.

This makes it easy to overview all business insights from a centralised platform. The ‘GoTo’ search bar, which is the new feature of TallyPrime, makes navigation from one report to another simple. In addition, you can customise different reports in TallyPrime to suit your needs.Below we’ll look at the importance of business reports and check out the various business reports in TallyPrime.

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A. What is the Importance of Business Reports?

As mentioned above, Business Reports play a crucial role in providing useful business insights into a company’s finance, such as the money spent, profits & growth, and losses (if any). They also provide significant details that can be used to create marketing plans, develop future forecasts, improve decision-making, and make the process of planning an adequate budget simple. More importantly, they are used by managers to identify ongoing trends or any irregularities that may require further investigation.Some of the other reasons why business reports are important are:
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• They help create an audit trail of business activities. This includes reports that document the annual budget, meeting sales, and other planned initiatives.
• These reports promote transparency. For many public companies, an annual business report is a legal requirement that consists of the financial data and the ownership information about the business that is provided to the shareholders, government, and others.
• The reports also make it easy for businesses to measure and compare their growth with their competitors.
• The report contains all activities of the company which helps keep the managers informed. It helps them make better decisions. Plus, it helps facilitate seamless communication and coordination between the managers and their team. Overall, it helps them make the required changes that will lead to growth and higher revenue.

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B] Primary Types of Business Reports in TallyPrime

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While TallyPrime can generate over 400 business reports, given below are the primary types of business reports that are frequently generated on TallyPrime.

‍1. Accounting Reports and Financial Reports: Accounting and Financial reports in TallyPrime are a summary of all the financial transactions, financial results, and financial positions with reference to your business. It helps assess the business’ performance and financial positioning after analysing it over a period of time.In short, these reports help you organise and present raw financial data that can be utilised later for decision making. Balance sheet, cash flow, Profit and Loss A/c, Payables, Receivables, Trial Balance, Day Book, are some out of the many accounting and financial reports that you can generate.

‍2. Inventory Reports: In TallyPrime, you get a real-time update of all transactions as they are posted immediately to their respective ledgers & books once a transaction is entered. Based on these transaction entries, the inventory reports are generated, facilitating instant reporting and quicker decision-making. The reports can be changed at your convenience. Stock Summary, Godown Summary, Movement Analysis, and Stock Query are some types of inventory reports that you can generate.

‍3. Statutory Reports: Statutory reports in business reporting consists of the configuration and functions related to statutory compliance of the company or business. It includes service tax reports, TDS reports, etc. These are the reports that a company has to formulate for the law, especially its financial report. Submitting financial and non-financial information to a government agency is mandatory.

‍4. Management Control Reports: Management Control Reports enables the management to assess the company's performance and analyse its standing. It helps prevent potential risks by making use of budget, cost centre reports, scenario reports, etc. This enables the management to control the company's activities and make effective changes & decisions.

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General Business Report Format

The following is a quick glance at what a general business report format should look like.

• The first thing that is included in the business report is a cover sheet that comprises the name of the report, your company name, followed by its address, and the date.
• An index or a table of contents follows next if the report is longer than 10 pages.
• It should also include an executive summary; an introduction section that briefly explains the background of the report and mention any special methodology used.
• The main body of the report should have relevant sub-headings.
• A section concluding the report (conclusion), and recommendations.
• An extension for non-essential attachments such as charts or graphs towards the end (if required).

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*This report format may not necessarily be followed by all businesses. It is just a general format, which you can change to suit your business needs.For example, a balance sheet is the most common type of business report that can be replicated easily. Typically, every spreadsheet or accounting software provides a template that will enable you to generate reports from basic inputs.

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Frequently Asked Questions

What are Accounting Reports in TallyPrime?

In TallyPrime, some of the accounting reports include Balance Sheet, Profit and Loss A/c, Receivables, Payables, Cash Flow Statement, Fund Flow Statement, Trial Balance, Day Book, Ratio Analysis, Cash Book, Bank Book, and Statistics.

In TallyPrime, can we export/print/email reports from the browser?

Yes, you can! If you are viewing reports in a browser, you can easily download them in PDF format. It can also be printed and shared in the original format without any changes. The option to download is located on the top-right-hand side of the report.

Which reports can be accessed in a web browser?

When using TallyPrime, you can easily access the following reports in a web browser. The list includes Balance Sheet, Profit and Loss A/c, Cash Flow Summary, Fund Flow Summary, Cash/Bank Book, Sales/Purchase Register, Bills Receivable/Payable, Day Book, Stock Query, and Stock Summary.

What is the purpose of business reports?

The main purpose of a business report is to gather useful information and track & analyze the overall performance of the business to identify areas of improvement and opportunities to prosper & grow.

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